Professional Documents
Culture Documents
How Insurance Rates Are Determined
How Insurance Rates Are Determined
Ohioans have some of the lowest insurance premiums in the United States, but from year to
year, they may change based on a number of factors that insurance companies take into account
when developing a rating plan for a specific insurance product. This tip sheet is designed to give
Ohioans an understanding as to the Ohio Department of Insurance’s (the Department’s) role with
insurance rates, how rating plans are developed, and why your insurance premiums
may increase.
You should discuss cost savings opportunities and your options with your insurance agent.
For more information on how to save on insurance premiums, call the Ohio Department of
Insurance at 1-800-686-1526 or visit www.insurance.ohio.gov